Congratulations! You’ve decided to buy a condo. Condo life can be so fabulous. Most condo buildings have pools, fabulous lounge areas, amazing rooftops with views for days, exercise facilities…
When you choose to live in a condo building, you are also choosing to be surrounded by a community of neighbors, so be choosy!
Not all condo buildings are built the same way, some have big issues and others are run extremely well. Not to say that you won’t encounter issues in what appears to be a « perfect » building, but it’s better to be prepared. What does this mean?
In Quebec, a new law has been put into effect where condo management has to assess the amount of repairs they expect to have to do over the next few years, and prepare a budget for it. That’s why we are seeing more and more assessments. An assessment is money charged to the co-owners for a specific project on the building. An assessment can also be to replenish or build up the contingency fund.
3 Questions to ask when buying a condo:
When you are planning to buy a condo, have your realtor find out the following for you
- How is the financial health of the building? You will want to take a look at the financial statements, minutes of meetings, declaration of coownership, contingency fund balance, news of any upcoming assessments, etc.
- What are similar units selling for? It’s nice to fall in love with a condo, but is it priced well? What are other similar units selling for right now? This will help you determine the proper purchase price.
- How is the location? Remember, « location, location, location »!! Why? For resale down the line. You don’t want to buy a property in a bad location simply for its price. Location is just as important.
There are many other questions you can ask when buying a condo. These are just 3 of the important ones. Make sure you are well accompanied by a trusted real estate broker who will guide you and work in your best interest.
—Monique Assouline is a luxury real estate broker in Montreal since 2005. Luxury is an experience and not necessarily a price point. She can be reached at: monique@moniqueassouline.com
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